The Litecoin network is exploding, what’s going on?

Litecoin (LTC) was once one of the big players in the crypto space alongside Bitcoin (BTC) and Ethereum (ETH). However, those days are over and Litecoin has seen some success in recent years with newer projects such as Solana (SOL), Avalanche (AVAX) and Polkadot (DOT), to name a few examples. But last week the Litecoin network suddenly experienced a revival. Could this be the beginning of Litecoin’s resurrection?

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Litecoin network activity is increasing

On December 20, no fewer than 1.2 million new addresses were registered on the Litecoin network. Data from IntoTheBlock also shows that active addresses on Litecoin are consistently higher than those on Ethereum. On December 22nd, more transactions took place on Litecoin than on Ethereum and Bitcoin combined: 1.4 million transactions to be exact.

One of the reasons for the revival of activity on Litecoin is the inscriptions now possible on Litecoin. These inscriptions are similar to the ordinal numbers on Bitcoin. Last week, up to two million entries were made on Litecoin in four days. This brings the total number of Litecoin inscriptions to 12 million. For comparison, the total number of Bitcoin inscriptions is currently almost 52 million.

Litecoin price is lagging behind

Good numbers for the Litecoin network. Unfortunately, this increasing activity is not reflected in the price of LTC. Since the beginning of this month, the price of LTC has only increased by 7 percent. This pales in comparison to the rise of competitor Solana (SOL), which has increased in value by more than 90 percent since December 1st.

Investors are therefore not yet impressed by Litecoin’s generally good numbers. Maybe that will change in the future. The price of LTC is $74 at the time of writing. This is 82 percent below the all-time high of $410. This price high was reached in May 2021.

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